Russian state oil giant OAO Rosneft (ROSN.RS) Thursday closed deals worth around $55 billion to take over TNK-BP and become the world's largest listed oil producer, with BP PLC (BP) as a major shareholder.
Russian state oil giant OAO Rosneft (ROSN.RS) Thursday closed deals
worth around $55 billion to take over TNK-BP and become the world's largest
listed oil producer, with BP PLC (BP) as a major shareholder.
BP Chief Executive Officer Bob Dudley and Rosneft CEO Igor Sechin met with
Russian President Vladimir Putin at his residence outside
Moscow
to
announce the closing of the deals.
After Mr. Putin congratulated the two companies on the deal, Mr. Dudley said BP
"stands firmly behind" Rosneft, Russian newswires reported.
Rosneft handed BP $16.7 billion in cash and 12.8% in Rosneft shares for the
U.K.
major's 50% stake in TNK-BP, the companies said in a joint statement. BP
acquired 5.7% additional shares in Rosneft from state holding company Rosneftegaz
for $4.9 billion. BP, which already owned a small stake in Rosneft, now owns
nearly 20% of Rosneft.
Rosneft paid
AAR
, a group of tycoons who owned
the other half of TNK-BP, $27.7 billion for their stake.
Mr. Sechin will chair a committee on the integration of Rosneft and TNK-BP. Mr.
Dudley, who will also sit on the committee, has been nominated to Rosneft's
board.
"We welcome BP as a strategic investor in Rosneft and look forward to
their involvement in forming the future strategic direction of the company
through its representation on the Rosneft board of directors," Mr. Sechin
said in the statement.
BP and Rosneft intend to identify possible opportunities for projects in
Russia
and
internationally, the companies said in the statement.
"We hope to help Rosneft to deliver synergies through its acquisition of
TNK-BP and to grow production and reserves through brownfield,
greenfield
and
unconventional opportunities as Rosneft strengthens its position among the
world's leading global energy companies," Mr. Dudley said.
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